Most planners expect an ALP victory
Most financial planners believe the Australian Labor Party (ALP) will win next Saturday’s Federal Election and, for some, it will reinforce their decision to leave the industry.
However, a Money Management survey intended to determine whether a change of Government will alter planner intentions with respect to exiting the industry, found that nearly 60 per cent of respondents intended remaining in the industry believing a Labor Government would make little difference to their fortunes.
Asked which party they believed would win on 18 May, 57.93 per cent of respondents indicated an ALP victory, compared to 36.14 per cent who believed the Liberal/National Party Coalition would be returned to the Treasury benches.
Asked whether they believed the known policies of the ALP would prompt them to leave the industry, just under 52 per cent of respondents said it would make no difference to them and 47 per cent said the election of an ALP Government would reinforce their decision to leave.
Importantly, amongst those planners who had already signalled their intention to leave the industry due to Financial Adviser Standards and Ethics Authority regime and the end to grandfathering, 60 per cent said the election of the ALP Government had reinforced their intention to leave.
Of those responding to the survey, almost 60 per cent said they intended remaining in planning.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.